The city with the most high-net worth individuals per square foot has no income tax — and it's estimated every one in 3 people is a millionaire

One in every 20 Americans is a millionaire — but one in every 56 residents of Monaco has assets totaling at least $30 million.

Monaco has the highest density of ultra-high net individuals of any city in the world, according to wealth tracking firm Wealth-X.

The top 10 cities with the highest density of millionaires include Geneva, San Francisco, Hong Kong, and New York.

One in every 20 Americans is a millionaire. For residents of Monaco, that's peanuts.

The European city-state now boasts one ultra-high net worth individual, or someone with assets totaling at least $30 million, for every 56 people—a higher density than any other city in the world, according to a new report from wealth tracking firm Wealth-X.

Monaco, which sits nestled inside the south of France near the Italian border, is a popular banking destination and a known tax haven—it has no income tax. A previous study estimated that nearly one in three individuals who reside in Monaco are millionaires. It's also home to the famed Monte Carlo gambling district and lavish residences like this $8.1 million, 1,152-square-foot apartment recently featured in the New York Times.

Within Monaco's population of approximately 39,000 individuals, Wealth-X counts 686 ultra-wealthy people—many of whom are foreigners with second homes in the principality. There are 100 ultra-wealthy Monegasques with primary residences there, according to the study. Monegasques are in fact minorities in their own country: The nation's population is primarily French, followed by Italian and British.

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The city-state is also known for being one of the safest areas in the world, with what is said to be the largest police force per capita and a 24-hour video surveillance system that covers the entire town.

The next densest city on Wealth-X's list is Geneva, Switzerland, which has one ultra-wealthy net worth individual for every 221 people. American cities are well represented, too: Four of the top 10 cities are in the U.S.

Here are the top 10 cities, ranked by the density of ultra-high net worth individuals: